CBRE Announces $130 Million Sale of Brand New, 244-Unit Luxury Multifamily Complex in South Gate, California, to Standard Communities

CBRE announced the sale of Jefferson SoLA, a newly built 244-unit luxury multifamily complex in South Gate, Calif., to Standard Communities, a Los Angeles-based investor, for $130 million. Dean Zander and Stew Weston with CBRE brokered the sale.

Standard Communities is a leading affordable housing investor and developer with a national portfolio of over 14,500 units, including over 4,800 units in California. The SoLA transaction represents their focus on investing in communities across the city of Los Angeles with an underserved supply of high-quality housing. They're also well known for their acquisition and conversion of existing housing into middle-income housing. This marks the second $130 million sale the Zander/Weston team sold to Standard; the first being the 349-unit Monterey Station in Pomona they transacted together in December 2021.

Located at 10930 Garfield Avenue in South Gate, the property offers a central location providing excellent accessibility to Downtown Los Angeles to the north, Downtown Long Beach to the south and Orange County to the east. Jefferson SoLA is the newest and only luxury rental option in the immediate area. Completed in November 2021, the property was approximately 50% leased at the time of sale, and Standard expects to reach full stabilization by year-end.

“Jefferson SoLA is well-positioned to take advantage of the demand for newer and luxury housing that has been sorely lacking in the Los Angeles County south cities,” said Zander. “The location, combined with the scope and quality of the asset, were a huge draw for the new owner.”

The asset has an unrivaled amenity package with a pool and spa with cabanas, gourmet grilling stations with indoor/outdoor seating, a fitness lounge with state-of-the-art equipment and a yoga/spin room, a double height clubhouse with media wall and game area, a private conference center and coffee lounge, package locker service, a dog park and dog wash, a bicycle center, and multiple courtyards with fireplaces and fire pits.

"The complex is a best-in-class, pride-of-ownership asset that proved extremely attractive to area investors," said Weston. “Prospective buyers also recognized the potential of the ‘gateway city’ location with over 4 million jobs within a 20-mile radius.”